Wisconsin consumers may be interested to know that the Mississippi Attorney General has filed a lawsuit against JP Morgan Chase for illegal credit card collection practices. The bank has previously found itself in trouble for its methods.
In a bankruptcy, the question of walking away from a home often arises because the owner can no longer afford to make the mortgage payments, even when loan modifications have been made. The answer to that question is usually yes, but there are some factors that need to be considered.
Even responsible Wisconsin residents can quickly find themselves in overwhelming debt if their income is reduced or stops altogether. Many students rely on credit cards for expenses that student loans do not cover, such as living expenses or clothing and food. However, if someone is not able to find steady employment or loses their job, something that has become increasingly common in the current economy, they may end up with mounting debt and no way to pay it off.
In spite of people's efforts to reduce their debt after the financial crisis in 2008, it is not uncommon for Wisconsin residents to struggle with what they owe. According to information from the Federal Reserve, Americans now owe $3 trillion in outstanding consumer debt. Additionally, American households with at least one credit card carry $15,950 in revolving debt. With an interest rate just shy of 19 percent and only making minimum payments, this amount alone could take a household up to 30 years to pay off.